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Topic: Scam alert : Do NOT INVEST in Genesis Mining - page 27. (Read 257821 times)

hero member
Activity: 861
Merit: 1001
Genesis Mining is committing daylight robbery. I mean it sells contracts to investors knowing very well they will lose money. Why does the company continue providing a service which make investors lose money? As far as I am concerned Genesis Mining is one big scam. Its directors are crooks and fraudsters and should be prosecuted.

this one is easy to answer: because there are always clueless suckers paying for it

That's why we have to hurt their reputation. Feel free to add a negative trust to their profile : https://bitcointalksearch.org/user/genesis-mining-247140

When there will be enough negative trust it will become quite hard for them to sell anything.
legendary
Activity: 1764
Merit: 1000
Genesis Mining is committing daylight robbery. I mean it sells contracts to investors knowing very well they will lose money. Why does the company continue providing a service which make investors lose money? As far as I am concerned Genesis Mining is one big scam. Its directors are crooks and fraudsters and should be prosecuted.

this one is easy to answer: because there are always clueless suckers paying for it
newbie
Activity: 9
Merit: 0
Genesis Mining is committing daylight robbery. I mean it sells contracts to investors knowing very well they will lose money. Why does the company continue providing a service which make investors lose money? As far as I am concerned Genesis Mining is one big scam. Its directors are crooks and fraudsters and should be prosecuted.
legendary
Activity: 1806
Merit: 1164
Genesis Mining is legitimate but they are in this to make money for themselves and their investors first remember. The dirty secret they try to hide from investors is the very high daily fees they charge. For SHA-256 they charge $0.35 per TH per day. That means over half your mining profit goes to Genesis Mining in terms of fees. That is not fair and there are alternatives. BW.com only charges $0.26 per TH per day while ViaBTC is lowest at $0.16 per TH per day. Hashnest is not selling hosted S9 mining yet.
sr. member
Activity: 1050
Merit: 252
ever since that I found this genesis-mining I've never trusted it, maybe it appears to be legit but i am already tired of any investments ponzi/hyip and I just want to hold all my earnings rather than putting it to any kind of investments especially when the hashocean collapsed i really have a doubt that genesis-mining will never become like HO and now it is on the scam accusations.
hero member
Activity: 861
Merit: 1001

Did they promise you Return on Investment? Any have you any proof of that?

I do not think is a scam at all. Also there is 0 proof of a scam.

As previously stated. They know they are selling worthless contracts. They hide that fact behind obfuscated language. But
they know, and they know for sure. And their founder is sipping mint juleps on all the fraud proceeds!

You guys call that scam. I call it FRAUD!
It needs to be stopped.

Just my humble opinion, I am sure many legal authorities will agree with me.



it won't end quick though. next crypto bubble once btc is at 1000 will bring in new suckers for them to milk

I hope my thread, and all the testmonies collected, will avoid them to pay for nothing. We have to keep spreading awareness
legendary
Activity: 1764
Merit: 1000

Did they promise you Return on Investment? Any have you any proof of that?

I do not think is a scam at all. Also there is 0 proof of a scam.

As previously stated. They know they are selling worthless contracts. They hide that fact behind obfuscated language. But
they know, and they know for sure. And their founder is sipping mint juleps on all the fraud proceeds!

You guys call that scam. I call it FRAUD!
It needs to be stopped.

Just my humble opinion, I am sure many legal authorities will agree with me.



it won't end quick though. next crypto bubble once btc is at 1000 will bring in new suckers for them to milk
hero member
Activity: 490
Merit: 501
Genesis mining doesn't let you sign up with a password longer than 16 characters  Angry

That is the smaller of the problems with Genesis Mining... This kind of investiment just give profit to the site owner and for the Ads networks. Who buys the Mining Power just lose money hoping to have some passive income profit. Hard to believe that there is people investing on this kind of Cloud Mining these days. Many other people lost lots of money with it. Some time ago I believed those sites, but never more!

I have seen so many people promoting Genesis Mining but after the closure of HashOcean I do find shared mining companies to be doubtful. Honestly, I did take a look at Genesis especially since they have been in business for years and I assumed they are already stable. However, online opportunities can sometimes be shaky so we have to be careful...be very very careful.
newbie
Activity: 13
Merit: 0

Did they promise you Return on Investment? Any have you any proof of that?

I do not think is a scam at all. Also there is 0 proof of a scam.

As previously stated. They know they are selling worthless contracts. They hide that fact behind obfuscated language. But
they know, and they know for sure. And their founder is sipping mint juleps on all the fraud proceeds!

You guys call that scam. I call it FRAUD!
It needs to be stopped.

Just my humble opinion, I am sure many legal authorities will agree with me.

sr. member
Activity: 537
Merit: 259
totally agreed, G-M sell delusion to its customers , for example ZEC 1 years contract cost about 0.046BTC, daily earning approx 0.00015 zec , with current price of zec i need 10 years to recover my initial investment.



 
hero member
Activity: 756
Merit: 505
Scam or not, people should be careful about cloud mining. Most of them are indeed scams. But looking into what people say in this thread, seems like one of the most popular cloud mining websites might be turning into a scam. However, I think mining might not be as profitable as it used to be. Unless someone develops a super miner that can improve mining capabilities and costs.
newbie
Activity: 11
Merit: 0
ps my note to Genesis:

"Hello, After some research it is becoming clear to me that Genesis Mining Company knows that the contracts they sell are virtually worthless and that you must continue to sell these worthless contracts to fund operations as current operations are not covering expenses."

pre credit card cancellation note!
Genesis mining is a very very BIG SCAM ! I think I will have my ROI in about 100 years.
Did they promise you Return on Investment? Any have you any proof of that?

I do not think is a scam at all. Also there is 0 proof of a scam.
sr. member
Activity: 448
Merit: 250
Ben2016
you guy's still trust genesis mining eh .??

The first thread on Scam accusations is a list of scam sites, how come Genesis mining isn't listed on there Huh

that site must be on Genesis mining payroll. Genesis Mining is a scam. I got burned , watch out everyone.
sr. member
Activity: 448
Merit: 250
Ben2016
ps my note to Genesis:

"Hello, After some research it is becoming clear to me that Genesis Mining Company knows that the contracts they sell are virtually worthless and that you must continue to sell these worthless contracts to fund operations as current operations are not covering expenses."

pre credit card cancellation note!
Genesis mining is a very very BIG SCAM ! I think I will have my ROI in about 100 years.
newbie
Activity: 13
Merit: 0
ps my note to Genesis:

"Hello, After some research it is becoming clear to me that Genesis Mining Company knows that the contracts they sell are virtually worthless and that you must continue to sell these worthless contracts to fund operations as current operations are not covering expenses."

pre credit card cancellation note!
newbie
Activity: 13
Merit: 0
I feel it my duty to report here I purchased 3 contracts with Genesis Mining and that I believe they are selling worthless contracts and
know exactly that these contracts will be worthless***. I would advise anyone who has paid them to cancel your credit card asap and not
to think twice.

Do the math your self:

Term Hashpower Type    Price
"lifetime" 7.5 TH/s     sha256    USD 1,050.00
1 year 39 H/s     equihash    USD 1,120.01
2 years 50 MH/s     x11    USD 410.00

Anyone with an eyeball can see that the above cannot return profit and/or will cause loss of principal only. So
it is simply pay to play. Better to get some mining equipment that might give a return over 3-5 years...might!
Though it seems the mining equipment companies (different thread) are a former version of this con/scam, they
are getting a little better these days...but not much! Smiley

If you have miners in your basement you are most likely operating at a loss.
If you have a couple hundred miners in a data center you are most likely operating at a loss, unless
most of them were purchased a year or so ago, and still, after the doubling it is a fine line.
If you have a few thousand miners in various data centers that have very very low power costs and cheap
labor you MIGHT be able to make a profit!

That's it, my personal comments and opinions. Don't call me for "proof", do your own math!

***Just to spell it out I believe selling known worthless contracts is an application of the term "fraud" and should be
categorized as such. Some of you may prefer "hustle" or "scam" to use less legally defined terms, however, I believe
folk that do these things (and companies) should be heavily discouraged and called out, to protect the less informed,
which is another good reason we have forums like this!

newbie
Activity: 29
Merit: 0
you guy's still trust genesis mining eh .??

The first thread on Scam accusations is a list of scam sites, how come Genesis mining isn't listed on there Huh
newbie
Activity: 5
Merit: 0

Yes, me too.  Undecided
I was too late to read this thread, but at least I learned a lesson.
I am not invested with too much anyway.

For me the excuse was that since I paid with CC, they have to 'hold back' my BTC payments for a month, since they want to be 'safe' to receive the payment first.
This BTW reminds me that I have the option to ask my bank to cancel the transfer, since it's been only like a week since I signed up.   Wink
I guess I have to thank them that they went out so quickly before my actual month passed, at which point my bank would not be able to cancel the sum.

Anyway, I do not really understand why they decided to shut down right now.
Zcash is just getting mainstream and they were offering 'pre bought' contracts to start to mine in December ...

full member
Activity: 210
Merit: 100
Genesis Mining site is down.
Preparing for the classic exit strategy "Oh we got DDOS attacked, and lost all information bla bla bla ... we are sorry, we'll be back soon " ?
sr. member
Activity: 308
Merit: 250
don't piss me off or else you will see the tigress
you guy's still trust genesis mining eh .??
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